July 15 – Regulators closed four banks today in Georgia, Florida and Arizona, bringing the total number of bank failures this year to 55. The total assets of the four failed banks amounted to $679 million and the cost to the FDIC Deposit Insurance Fund was estimated at $129.1 million. The four failed banks this […]
Summit Bank of Arizona Closed By Regulators
July 15, 2011 By Leave a Comment
Summit Bank of Prescott, Arizona, was closed by the Arizona Department of Financial Institutions. The FDIC, acting as receiver, sold the failed bank to The Foothills Bank, Yuma, AZ. Summit Bank was a small one branch bank. The sole branch of Summit Bank will reopen on Monday as a branch of The Foothills Bank. Depositors […]
First Peoples Bank, Port Saint Lucie, FL, Closed By Regulators
July 15, 2011 By Leave a Comment
First Peoples Bank of Port Saint Lucie, Florida, was closed today by the Florida Office of Financial Regulation. The FDIC, acting as receiver, sold the failed bank to Premier American Bank, N.A., Miami, Florida. First Peoples was a relatively new bank that first opened for business in 1999, promising a “customer driven, community oriented approach” […]
High Trust Bank of Georgia Fails, Sold To Ameris Bank
July 15, 2011 By Leave a Comment
High Trust Bank, Stockbridge, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the $192 million asset failed bank to Ameris Bank of Moultrie, Georgia. High Trust Bank has consistently been ranked as one of the most unsafe banks in Georgia by various bank rating agencies. […]
One Georgia Bank of Atlanta Fails, Sold To Bank With Outstanding TARP Loans
July 15, 2011 By Leave a Comment
One Georgia Bank of Atlanta, Georgia, a $186 million dollar asset bank, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed bank to Ameris Bank. One Georgia Bank has been effectively insolvent since late last year with a troubled asset ratio of 350% which is […]
Signature Bank of Colorado Closed By Regulators
July 8, 2011 By Leave a Comment
A small Colorado bank became the nation’s 51st banking failure. Signature Bank, Windsor, CO, was closed by the Colorado Division of Banking. The FDIC, acting as receiver, sold the Bank to Points West Community Bank, Colorado. Signature Bank had three branches which will reopen as branches of Points West. Depositors will have full access to […]
Colorado Capital Bank Closed By Regulators
July 8, 2011 By Leave a Comment
Colorado Capital Bank, which described itself as a niche bank for privately-held businesses and nonprofit organizations, was closed today by the Colorado Division of Banking. The FDIC, as receiver, sold the failed bank to First-Citizens Bank & Trust Company, Raleigh, North Carolina. The seven branches of Colorado Capital will reopen as usual on Monday as […]
First Chicago Bank & Trust Closed – Illinois’s Billion Dollar Bank Failure
July 8, 2011 By Leave a Comment
Illinois, which has not seen a banking failure since April, witnessed the collapse of a billion dollar bank today as regulators closed First Chicago Bank & Trust, Chicago, Illinois. First Chicago is the fifth and largest banking failure in Illinois this year. The four banks that failed in Illinois prior to today were relatively small […]
Mountain Heritage Bank of Georgia Closed By Regulators
June 24, 2011 By Leave a Comment
Mountain Heritage Bank, Clayton, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and sold the small two branch community bank to First American Bank and Trust Company, Athens, Georgia. First American will assume all of the failed bank’s deposits and, in addition, purchase essentially all […]
First Commercial Bank of Tampa Bay 47th Banking Failure
June 17, 2011 By Leave a Comment
First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Stonegate Bank, Fort Lauderdale, Florida, which will assume all deposits and purchase all assets. First Commercial Bank was a small, two branch, locally owned […]